Integrated network of banking solutions

Bank of Punjab has enhanced secure, contactless platforms to ensure smooth financial transactions to all Pakistanis. Excerpts from an interview with Zafar Masud, President and CEO, Bank of Punjab

What is your view on the macro economic situation for the next fiscal year?

For FY21, Bank of Punjab (BOP) expects the economy to show strong recovery during the year. Local demand has started showing strong signs of recovery. Agriculture output has been steady while services sector shall benefit from domestic demand recovery. Exports, however, may take some time to normalise. We expect GDP growth of 2.5-3.0 per cent for FY21. Worker remittances are expected to remain on trajectory of growth.

What is your vision for BOP in the new post-Covid normal, also considering a negative growth this fiscal.

The Bank of Punjab is geared to offer all-out services to ensure sustainability of our clients. We have ramped-up and rolled-out online and mobile banking services to ensure contact-less and frictionless interaction with clients.
We are one of the leading participants in the SBP-led schemes to offer loan instalment deferment; extending loans to business sector to support employment and prevent lay-offs in Covid-19 pandemic situation under the SBP initiative, SBP Rozgar Scheme; providing loans to young entrepreneurs under Prime Minister of Pakistan initiative Kamyab Jawan; financing projects under the SBP's Temporary Economic Recovery Facility; and allocating housing finance on very special rates to widows, children of martyrs, special persons, transgenders and persons in areas severally affected by terrorism under SBP low-cost housing scheme initiative.
Meanwhile, we are being watchful of credit risk due to possible prolonged disruption in economic activities and taking all necessary steps to protecting our balance sheet and interest is our stakeholders.
We, however, view this pandemic as an opportunity to get even closely linked to our clients while trying to weather the economic shocks and finding sustainable solutions. We see this as an opportunity to become a sustainable bank offering the most innovative products and services in these trying time to protect the mutual long term interest of both our clients and ours.

Please tell us about your products, particularly your remittance services.

The Bank of Punjab has developed its in-house application by the name of 'Foreign Se' to facilitate various exchange companies and banks to send home remittance to Pakistanis on real time basis. This has made possible, for all Pakistanis, to receive remittances by their loved ones for free, in a fast and fully secured manner with very attractive rewards, like Registered Prize Bonds, Gold Bars, etc., for the beneficiaries through lucky draws. This service offers multiple modes of distribution of remittances to beneficiaries in Pakistan.
Through Cash Pickup, beneficiaries in Pakistan can collect their remittances at any BOP branch or partner's location, on real time basis as received from abroad. Remittances can also be credited directly and immediately to any account at BOP. The Direct Credit to Account service ensures funds are received by beneficiaries within an hour of their receipt, from anywhere across the world.
BOP ASAAN remittance account is the specialised account for remittance beneficiaries. Remittances can also be sent to any account in any bank in Pakistan through our Instant Account Credit Services on real-time basis via IBFT or RTGS.
A web-based Remittance Transaction Tracker is available on the web www.bop.com.pk. The service allows our correspondents, remitters and beneficiaries to remotely check the status of their remittance transaction, from anywhere in the world on 24/7 basis.

You have been associated with some of the best financial brands internationally, what is your assessment of Pakistani human capital in the banking sector in Pakistan?

We see a pool of talent in Pakistani bankers at par with the best in the world. The experienced bankers have strong credentials of working with global institutions who're keen to come back and serve the country given the opportunity. Meanwhile, talent pool of fresh graduates coming from leading local university is very promising.

What CSR initiatives does BOP support?

The Bank of Punjab, as a responsible corporate entity, is extending help to support the underprivileged citizens of our society in areas of health, education, housing, loan schemes and has taken many CSR initiatives this year, a few of which are:
- Collaborating with Akhuwat Foundation by donating funds for uplift of the poor segments of the society.
- Providing donation for purchase of Covid-19 protective gears for the health workers in areas of GilgitBaltistan.
- Creating awareness amongst the masses regarding Covid-19 by advertising on print, electronic, digital media aggressively.
In the future, we plan to support initiatives for education and health sectors. Environment is another area of concern and priority for us.
Although, not related to our CSR activities, I would like to highlight the charity donated from our Islamic Banking Charity Fund. This year alone, an amount of around Rs48 million is disbursed to the following charitable institutions from health and education sectors:
- Prime Minster Covid fund
- Indus Hospital, Karachi
- Shaukat Khanum Cancer Hospital
- Gulab Devi Chest Hospital
- Cancer Care Hospital
- Bin Qutab Foundation
- Hijaz Hospital - Ghurki Trust Hospital
- Gulab Devi Educational Foundation
- Ameer Begum Welfare Trust
We have also planned to provide scholarships from the Charity Fund account to needy students of prominent institutions, such as IBA-Sukkur, Bolan Medical College. 

Anything else you wish to highlight.

The Bank of Punjab is one of the fastest growing, and second largest, public sector bank in Pakistan. Today, BOP stands strong with an assets base of Rs900 billion and equity of Rs50 billion. We offer our services to corporate, trade, SME, agriculture and retail clients through a network of 624 branches spread across the country, as well as online and mobile banking platforms to effectively service our clients. We are continuously evolving by introducing market research-based products and services to offer full spectrum of product suite to clients.